The Trump Card: Why the Crypto World Needs to Stand Up and Take Notice – Ethereum (ETH/USD), Tesla (NASDAQ: TSLA)

former President Donald Trump recently announced the launch on its first non-fungible token (NFT) collection true socialThe social media platform he created after getting banned from twitter,

The collection, which included some 45,000 “digital trading cards”. sold out in 12 hours (even though they allegedly unauthorized copyrighted images used, their Prices and trading volume subsequently fell,

Here’s a look at why some crypto investors and NFT enthusiasts bought into the hype anyway.

Read also: Brazil OKs Crypto Regulation Bill, Legalizes BTC as Payment and Investment Asset

what the trump nft collection is right

As part of the launch, Trump guaranteed that NFT buyers would Entered the ‘Trump Sweepstakes’.

The winners will get a chance to visit Mar-a-Lago, his private club in Palm Beach, Florida. Perhaps Trump’s most vocal critics want the opportunity to get up close and personal with him.

And it’s one of the many reasons why the Trump Digital Trading Card Collection has generated so much interest from investors, NFT enthusiasts, and first-time buyers alike.

At a time when NFT sales are declining month over month (OpenSea volume has plunged more than 95% in 2021), the Trump NFT collection – even with an offer price of $99 – had a low entry barrier . at floor price of 0.09 ETH/USDYou can buy a digital card of Trump dressed as a sheriff, a superhero, a golfer, and standing in front of the Statue of Liberty.

Some NFTs, such as #4128, which is signed by Trump, were fetching prices as high as 4,500 ETH on NFT platform OpenSea.

With NFTs automatically allocated, there was an added element of excitement that played a key role in its success.

While most of the designs are repeated with slight color variations, buyers got a chance to own bespoke pieces that will likely trade for more than $99.

Trump licensed a company called NFT INT to develop and market the digital portraits (he reportedly has no controlling stake or even ownership in the firm).

On his behalf, NFT INT will receive 10% of the sale proceeds, while the rest will likely end up in Trump’s account.

It’s a unique approach adopted by a former POTUS, himself a staunch critics of the crypto space,

Can NFT Makers Copy the Trump Formula?

Whether Trump decides to start collecting more NFTs in the future remains to be seen. Nevertheless, they have provided NFT creators with a blueprint for marketing their next NFT projects.

Celebrity depictions on affordable NFTs, especially when they give buyers a chance to meet their favorite personalities, is what sets the Trump NFT collection apart from others.

Trump’s larger-than-life personality, combined with his devoted followers, explains why his NFTs sparked the current bearish trend to trade as high as $650 in the days following the initial launch.

See also: DeSantis wins over Trump by wide margin, poll shows

Reign of Hope?

For most of 2022, NFT sales were not only down by ~90% since August 2021, but the average selling price had dropped to ~$100 from a high of ~2,100 recorded in February 2022.

By studying the NFT market and pricing their NFTs in line with current trends, NFTint may have shown what it takes to pave the way for mass NFT adoption – an important lesson for budding NFT creators. .

Maybe the Trump NFT’s Success Will Inspire Other Personalities — Like Tesla TSLA President Elon Musk – to follow suit and Pulling the NFT market out of its current slump,

next: Will Binance Bow Down Due To Crypto Market Fears?

image via shutterstock

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